MINNEAPOLIS — Marcus & Millichap has brokered the $1.4 million sale of Colfax Avenue in the Uptown neighborhood of Minneapolis. The 12-unit apartment building is located at 2500 Colfax Ave. Built in 1967, the property features nine one-bedroom units and three studios. Mox Gunderson, Dan Linnell, Josh Talberg and Abe Roberts of Marcus & Millichap brokered the transaction. Both the buyer and the seller were private investors.
HOUSTON — Arbor Realty Trust Inc., a New York-based direct lender, has provided a $21.4 million Fannie Mae loan for the refinancing of Casa del Mar, a 354-unit multifamily community in Houston. The property is situated on Interstate 45 on the city’s north side. Floor plans include one- and two-bedroom units and amenities include two pools, a playground, on-site laundry facilities and a tennis court. The borrower was not disclosed.
ODESSA, TEXAS — NorthMarq Capital has arranged approximately $8 million in financing for the acquisition of Peppertree & Spanish Oak Apartments, a 180-unit multifamily community located in the West Texas city of Odessa. Amenities at the property include a pool, tennis and basketball courts, a business center and on-site laundry facilities. Carl Pankratz of NorthMarq arranged the financing on behalf of an undisclosed borrower through a bridge/mezzanine lender.
CHARLOTTE, N.C. — Alliance Residential Co. has broken ground on Broadstone Queen City, a 260-unit apartment located at the convergence of Charlotte’s South End and Uptown districts. The community will feature a mix of studio, one- and two-bedroom units and will feature a Sky Lounge on the top floor overlooking the Uptown skyline. Other amenities will include a resort-style pool, 24-hour fitness center with a separate studio, garage parking, pet spa with grooming station, 24-hour package delivery system, electric car charging stations and bike storage. The community is expected to open in spring 2020.
ORLANDO, FLA. — ARA Newmark has arranged the sale of Axis West, a 268-unit apartment community in Orlando. Scott Ramey, Patrick Dufour and Kevin Judd of ARA Newmark arranged the transaction on behalf of the seller, Flournoy Partners. The Georgia-based developer completed construction on Axis West in 2017. Bluerock Real Estate acquired the asset for an undisclosed price. The community features a coffee bar, central lake with a walking trail, clubhouse, fitness center with a spin room, car care center, saltwater swimming pool and a dog park. Axis West was 93 percent leased at the time of sale.
NEW YORK CITY — PCCP LLC has provided a $45.9 million senior loan to Forkosh Development Group for the development of a 20-story residential condominium at 157-161 E. 28th St. in Manhattan. Forkosh acquired three vacant apartment buildings at the site in January for $17 million in an all-cash transaction. The privately owned real estate development firm will build a boutique condo development on the site of the former apartment buildings. Once completed, the project will offer units with open layouts, floor-to-ceiling windows and hardwood floors.
LINDENWOLD, N.J. — Gebroe-Hammer Associates has negotiated the sale of Woodland Village Apartments in Lindenwold for $32.1 million. The property, which is located at 401 E. Gibbsboro Road is a 546-unit, two-story, garden-style apartment complex. Gebroe-Hammer represented the seller, Odin Properties, in the transaction. The buyer was undisclosed. Odin purchased the property for $15.8 million in 2014 and fully renovated the 30-building, 28.4-acre complex.
NEW YORK CITY — Cignature Realty Associates LLC has arranged the sale of 3594 Broadway, a 15,072-square-foot apartment building in the Hamilton Heights neighborhood of Manhattan. The six-story building features 25 units and was built in 1910. Peter Vanderpool of Cignature Realty represented both the seller, Sugar Hill Capital Partners, and the buyer, City Skyline Realty, a local private investment company.
EAST LANSING, MICH. — Arbor Realty Trust Inc. has provided a $13 million HUD-insured loan for the refinancing of Glenwood Apartments in East Lansing. The 138-unit apartment property is located near Michigan State University. Amenities include a pool, fitness center, clubhouse and laundry facilities. Michael Jehle of Arbor originated the 35-year loan.
MARINA DEL REY, CALIF. — Institutional Property Advisors (IPA) Capital Markets has arranged $63.8 million for the refinancing of a multifamily property located in Marina del Rey. Danny Abergel of IPA Capital Markets secured the financing for the undisclosed borrower. The debt placement was structured with 10 years interest-only payments fixed at 4.2 percent. The multifamily property features 268 apartments.
